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How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life Hardcover – February 2, 2010

3.8 out of 5 stars 28 customer reviews

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Editorial Reviews

From the Inside Flap

Foreign exchange is the most traded instrument in the world. It's not hard to understand why. Nobody needs to buy stocks, but because of today's extensive global trade we must all deal directly or indirectly with the forex world. Yet, while trading foreign exchange is one of the most exciting and potentially lucrative activities in the world, about 90 percent of traders lose money. In How to Make a Living Trading Foreign Exchange, Courtney D. Smith provides a concrete and comprehensive approach to becoming a profitable forex trader.

Smith first explains all the basic information you need to know to get started in trading forex. He then introduces the tested, profitable techniques that will help you make money in the forex market, offering a variety of different methods to use over different time horizons—from those that look at the market from the perspective of days and weeks to those that hold positions for less than one day. Smith describes, for instance, a system that monitors the market from three different time perspectives and doesn't enter the market until all three are calling for an entry into the market.

He also details a new way to filter trades that eliminates about half of all losing transactions. And he tells how to sidestep the usual traps that drain money from your account using his method to identify short-term turning points and, more important, to identify major turning points. Smith concludes by showing you how all the techniques in the book fit together into a coordinated program for creating profits.

Throughout the book, the author stresses the two most important aspects of trading: risk management and trader psychology. How to Make a Living Trading Foreign Exchange shows how to take risk management one step beyond and use it as an offensive weapon for enhancing profits. And perhaps, most important, it tells how to overcome the biggest block against making money in the markets: your own psychology. Whether you're a novice or a pro, says Smith, following the techniques in this book will turn forex trading into your ticket to financial freedom.

From the Back Cover

Praise for How To Make A Living Trading Foreign Exchange

"Courtney Smith has hit it out of the park with this book. Not only does he provide great insight into both the inner workings of the marketplace and original trading methodologies, but he also devotes much discussion to the often overlooked, immensely important aspects of trading such as money management, discipline, and psychology. After all, as he aptly opines, these are demons traders must slay to be successful."
—Tom Demark, Founder, Market Studies, Inc.

"I learned a long time ago if Courtney Smith writes it, I readit. Glad I did. I picked up three great insights in my first read-through."
—Larry Williams, author of Trade Stocks and Commodities with the Insiders, The Right Stock at the Right Time, Day Trade Futures Online, and Long-Term Secrets to Short-Term Trading

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Product Details

  • Hardcover: 208 pages
  • Publisher: Wiley; 1 edition (February 2, 2010)
  • Language: English
  • ISBN-10: 0470442298
  • ISBN-13: 978-0470442296
  • Product Dimensions: 6.3 x 0.7 x 9.3 inches
  • Shipping Weight: 13.6 ounces (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (28 customer reviews)
  • Amazon Best Sellers Rank: #745,250 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By D. Snyder on November 12, 2010
Format: Hardcover Verified Purchase
If you are looking to investment in the Forex market then this is a good starting point.

WHAT THIS BOOK IS:
1) A complete set of trading strategies with entry and exit points laid out clearly. Although you have to pay some attention to what is being said because there are a couple of 'mis-statements' that won't make sense until you realize they are editting errors and/or typos.

2) A long-term way of investing your money in a reasonably conservative fashion.

3) A good way of earning 5+% return per month on your capital.

WHAT THIS BOOK IS NOT:
1) A day trader's bible. All strategies are based on daily and weekly price movements.

2) A get rich quick scheme. Face the facts, making 5+% per month is pretty darn good. Anyone who promises more is full of what we hauled out of the calf pens when I was growing up.

Yes, all the strategies are probably available for free 'somewhere' on the internet. But for a couple of bucks you get it all in one spot.

I have 1+ years experience trading Forex and in the months of September and October 2010 I made 5+% per month using only the strategies in this book.

Would I recommend this to a friend - Yes
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Format: Hardcover
What the author shares are ideas worth testing. For example, while the inside lemonade trade works well on some markets, it doesn't work at all on others. This is typical of any strategy, and my point is you need to back test these ideas. To further my point, Inside Days works on some currency pairs, and Inside Lemonade works on some currency pairs ... not necessarily the same currency pairs. Inside Days might work on one pair, but the lemonade trade doesn't work on the same pair. You should program each trade individually and give each trade a test on each pair to find what works and where it works.

Surprisingly, I didn't find the Reversal Day setup to be profitable on any pairs. The Reversal Lemonade works on a few.

Channel Breakout, using the typical 55/20 that Courtney also suggests in the book, doesn't work on a single currency pair. I see the potential of this trade though, with a better stop ... I'll be reprogramming it to exit on fractals using a shorter time frame than the time frame on which I entered on a channel breakout. I did find 90/90 works on some pairs with 30 minute bars.

Regardless of whether one of Courtney's specific trade setups work, the best thing to take away from this book are his ways of thinking:

1. His approach to psychology is great and can be summed up quickly: Consider yourself to be a casino, with the market as the gambler at your card table, and your trade setup as your card game. You lose some, win some, and overall you take home a profit. No need to freak out and yell at the monitor when a trade isn't making money. Play your hand and then play the next hand.

2. Program numerous trade setups that are based on a fundamentally sound idea.
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6 Comments 24 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Hardcover
This is an interesting read with some solid methods for trading forex. My biggest complaint is that it only talks about positon (long term) trading based on the daily charts, and has almost nothing about day trading. Position trading is fine if you have a large amout of capitol and can withstand some major drawdowns, but the majority of traders are starting with much less money. The author has been a professional trader for many years, and at least this is a book written by someone who actually does make money consistently and has a long term track record of success. The methods presented are successful in the long run if your account can withstand losing hundreds of pips 45% of the time.
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Format: Kindle Edition Verified Purchase
I read all of the glowing reviews so I thought I would pay the money and try it. I just feel there really isn't much here. The most annoying part of the book for me was the really, really small charts and they are flipped over sideways! I had to turn my laptop sideways to try to read them, but they were so small I couldn't read the text or months or anything, which made them pretty useless. Most of the "strategies" seemed vague to me and I didn't really see any examples on how to enter a trade. I also didn't see any unique way to use stochastics either. Anyone who has been in trading for any length of time knows how to use stochastics in divergence so nothing new here.
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Format: Hardcover
I teach forex trading to an already well trained group of traders. We are accomplished technical traders and this is a fabulous text book to learn old school technical/bank style trading. Best I have found. Very solid stuff, and best of all it works.
You could actually make a living for life trading Courtneys methods.
2 Comments 23 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Hardcover
This book contains some solid forex systems that do make money in the long run, no doubt about that. Even though the author only reveals the backtest of the powerful Conquistador system, most of the other winning trading setups (like the new Donchian system) have been fully backtested elsewhere.

This book is also full of extremely clever trading ideas that did make a huge difference in my daily trading.

So buy it, use it, profit from it, this "just meat and potatoes" forex book definitively belongs to your trading library.
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